Utah home prices up for 2nd month in a row

SALT LAKE CITY (AP) — Utah home prices are up for the second month in a row as buyers are competing over a tighter inventory of houses.

The Utah Association of Realtors says Thursday that the median home price in May was $181,000, up from $176,000 a year earlier.

Home sales are also up compared with last year. Utah real estate agents report they’ve sold 3,385 homes in May, up 11.8 percent from May 2011.

It’s the 12th month in a row that home sales have grown year-over-year.

Realtors also say this is the strongest January-to-May sales period since 2007.

Association president Lori Chapman says conditions are improving for sellers, and more people who gave up on selling their properties have put them back up for sale.

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